Neogen (NASDAQ:NEOG) Receives “Neutral” Rating from Piper Sandler

Piper Sandler restated their neutral rating on shares of Neogen (NASDAQ:NEOG) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $13.00 target price on the stock, down from their previous target price of $16.50.

A number of other equities research analysts have also recently issued reports on the stock. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a “buy” rating and a $15.00 price objective for the company. StockNews.com raised Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Stock Down 1.8 %

Shares of NASDAQ:NEOG opened at $11.74 on Tuesday. The firm has a fifty day moving average of $12.85 and a 200 day moving average of $14.85. Neogen has a 52-week low of $10.72 and a 52-week high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The firm has a market capitalization of $2.55 billion, a PE ratio of -5.36 and a beta of 1.23.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Friday, January 10th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.12. The firm had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.11 EPS. As a group, research analysts anticipate that Neogen will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Neogen

In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the transaction, the chief executive officer now directly owns 269,164 shares in the company, valued at approximately $2,968,878.92. The trade was a 9.36 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO David H. Naemura purchased 14,800 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was bought at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, the chief financial officer now owns 61,434 shares in the company, valued at approximately $682,531.74. This represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Neogen

Institutional investors and hedge funds have recently made changes to their positions in the business. Select Equity Group L.P. increased its position in Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock worth $242,741,000 after buying an additional 2,914,893 shares in the last quarter. Conestoga Capital Advisors LLC lifted its position in shares of Neogen by 24.5% in the third quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company’s stock worth $146,352,000 after buying an additional 1,711,238 shares in the last quarter. State Street Corp increased its stake in Neogen by 3.1% in the 3rd quarter. State Street Corp now owns 7,932,192 shares of the company’s stock worth $133,340,000 after acquiring an additional 236,762 shares during the last quarter. Bamco Inc. NY boosted its position in shares of Neogen by 1.4% during the 3rd quarter. Bamco Inc. NY now owns 7,303,115 shares of the company’s stock valued at $122,765,000 after acquiring an additional 98,067 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its position in shares of Neogen by 10.7% during the 3rd quarter. Champlain Investment Partners LLC now owns 7,110,530 shares of the company’s stock valued at $119,528,000 after acquiring an additional 690,029 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.